Core Viewpoint - The signing of a power supply exclusivity agreement between Odin Mining and Elit Corporation marks a significant step in establishing a secure and reliable power supply system for the future development of the Kaigao House Gold Mine, which is now under the ownership of Luoyang Molybdenum [1] Group 1 - The agreement includes four hydropower stations with a total capacity of 232 megawatts [1] - Elit Corporation will serve as the primary power supply guarantee for Odin Mining, while Odin Mining will be the preferred purchaser of Elit’s electricity [1] - Luoyang Molybdenum has estimated that approximately 230 megawatts of power supply is needed for the normal operation of Odin Mining [1] Group 2 - Luoyang Molybdenum completed the acquisition of Odin Mining on June 24, successfully positioning itself in the gold resource sector [1] - The project team of Luoyang Molybdenum commenced key preliminary work on June 30, with power supply assurance being a critical aspect of project development [1]

Core Viewpoint - China Gold International (02099) has seen a significant increase in stock price, reaching a historical high of 84.15 HKD, driven by strong financial performance in its recent interim results for 2025 [1] Financial Performance - The company reported a sales revenue of 580 million USD, representing a year-on-year increase of 178.36% [1] - Mining operating profit reached 277 million USD, showing a substantial year-on-year increase of 1443.71% [1] - Shareholder profit attributable to the company was 200 million USD, a turnaround from a loss of 31.67 million USD in the same period last year [1] Market Outlook - Industrial analysts at Industrial Securities express optimism regarding the long-term outlook for gold and copper prices, particularly in light of rising expectations for interest rate cuts by the Federal Reserve [1] - The company’s Longshanhao gold mine has stabilized production, and the Jiama mine is planning to commence the third phase of tailings storage in the first half of 2027, which is expected to enhance mining capacity and restore production levels [1]

Group 1: Hong Kong Stocks - Chow Sang Sang (00116) surged over 18%, expecting a mid-term profit attributable to shareholders of approximately HKD 900 million to 920 million [1] - XPeng Motors (09868) rose over 4%, reporting a 125.3% year-on-year revenue growth in Q2, achieving a historical high for a single quarter [1] - Sunny Optical Technology (02382) increased over 6%, with a 52.56% year-on-year rise in mid-term profit attributable to shareholders for the six months ending June 30, 2025 [1] - China Gold International (02099) gained over 3%, reporting a turnaround to profitability in the first half of 2025, supported by a rich resource reserve and stable production [1] - Hansoh Pharmaceutical (03692) fell over 8%, announcing a 6.5% discount on a placement to raise nearly HKD 3.9 billion for innovative drug development [1] - Pop Mart (09992) rose over 6%, with adjusted net profit in the first half of 2025 increasing 3.6 times year-on-year [1] - Kunlun Energy (00135) dropped over 3%, reporting a 4.36% year-on-year decrease in mid-term profit attributable to shareholders for the first half of 2025 [1] Group 2: Other Stocks - Gilead Sciences (01672) fell over 8%, announcing a placement to raise a net amount of HKD 468 million, while its controlling shareholder cashed out nearly HKD 390 million [2] - Yixin Group (02858) rose over 1%, reporting a 28% year-on-year increase in adjusted net profit for the first half of 2025, with financial technology revenue soaring 124% [2] - Lithium stocks declined, with Ganfeng Lithium (01772) and Tianqi Lithium (09696) both dropping nearly 6%, amid inventory pressure in the lithium carbonate spot market [2] Group 3: US Stocks - Palo Alto Networks (PANW.US) rose 3.06%, exceeding expectations in Q4 earnings and providing optimistic guidance for future earnings [3] - BHP Group (BHP.US) increased 0.51%, reporting dividends exceeding expectations despite weak iron ore and coal prices [3] - NIO (NIO.US) rose 4.11%, with its L90 model delivering 6,400 units in 20 days since launch, with the factory operating at full capacity [3] - New Oriental (EDU.US) fell 2.79%, influenced by a drop in Oriental Selection's stock, while denying regulatory investigation rumors [3] - Viking Therapeutics (VKTX.US) plummeted 42.12% after reporting adverse side effects in its experimental obesity drug trials [4] - Arm (ARM.US) dropped 5.00%, as it hired Amazon's AI chip director to advance its chip development plans [4] - Home Depot (HD.US) rose 3.17%, reaching a new high since January, with Q2 net sales meeting market expectations [4] - Best Buy (BBY.US) increased 3.20%, launching a third-party online shopping platform to expand product variety [4] - Nexstar Media Group (NXST.US) rose 0.65%, announcing a $6.2 billion acquisition of Tegna [4] - Aurora Innovation (AUR.US) fell over 8%, closing down 7.14% after a short-seller report questioned its profit potential [5] - Boeing (BA.US) dropped 3.19%, with Airbus A320 deliveries expected to surpass Boeing's soon [5]

消息面上，中国黄金国际近日发布2025年中期业绩，销售收入5.8亿美元，同比增加178.36%；矿山经营 盈利2.77亿美元，同比增加1443.71%；股东应占溢利2亿美元，上年同期股东应占亏损3167.4万美元， 同比扭亏为盈。公告称，黄金平均实现售价由2024年首六个月的每盎司2285美元上升35%至2025年同期 的每盎司3094美元。长山壕矿的黄金销量为52893盎司(黄金产量：45829盎司)，而2024年同期为39951 盎司(黄金产量：40257盎司)。 兴业证券认为，美联储降息预期升温，中长期看好黄金及铜价格中枢上移。长山壕金矿生产恢复稳定， 甲玛矿规划27H1投产三期尾矿库并着手提高采矿证载能力，届时产量有望恢复至尾砂外溢前水平。国 信证券指出，考虑到公司金、铜产品组合，资源储量丰富，产量稳中有升，给予公司2025年12-13倍估 值目标，相对于目前股价有约18%-28%上涨空间，首次覆盖，给予"优于大市"评级。 中国黄金（600916）国际(02099)涨超5%，高见84.15港元创历史新高。截至发稿，涨5.28%，报83.75港 元，成交额7186.65万港元。 ...

兴业证券认为，美联储降息预期升温，中长期看好黄金及铜价格中枢上移。长山壕金矿生产恢复稳定， 甲玛矿规划27H1投产三期尾矿库并着手提高采矿证载能力，届时产量有望恢复至尾砂外溢前水平。国 信证券指出，考虑到公司金、铜产品组合，资源储量丰富，产量稳中有升，给予公司2025年12-13倍估 值目标，相对于目前股价有约18%-28%上涨空间，首次覆盖，给予"优于大市"评级。 消息面上，中国黄金国际近日发布2025年中期业绩，销售收入5.8亿美元，同比增加178.36%；矿山经营 盈利2.77亿美元，同比增加1443.71%；股东应占溢利2亿美元，上年同期股东应占亏损3167.4万美元， 同比扭亏为盈。公告称，黄金平均实现售价由2024年首六个月的每盎司2285美元上升35%至2025年同期 的每盎司3094美元。长山壕矿的黄金销量为52893盎司(黄金产量：45829盎司)，而2024年同期为39951 盎司(黄金产量：40257盎司)。 智通财经APP获悉，中国黄金国际(02099)涨超5%，高见84.15港元创历史新高。截至发稿，涨5.28%， 报83.75港元，成交额7186.65万港元。 ...

Core Viewpoint - The company reported significant improvements in financial performance for the first half of 2025, with notable increases in revenue and net profit compared to the same period last year [2][18]. Financial Performance - Total operating revenue for the reporting period was approximately 196.03 million yuan, up from 98.87 million yuan in the same period last year, representing a growth of 98.5% [2]. - The net profit attributable to shareholders was approximately 44.69 million yuan, a turnaround from a loss of about 54.93 million yuan in the previous year [2]. - The net profit after deducting non-recurring gains and losses was approximately 13.55 million yuan, compared to a loss of about 51.27 million yuan in the previous year [2]. - The net cash flow from operating activities was approximately 15.30 million yuan, an increase from a negative cash flow of about 2.63 million yuan in the previous year [2]. Profitability Metrics - Basic and diluted earnings per share were both 0.05 yuan, compared to a loss of 0.06 yuan per share in the previous year [2]. - The weighted average return on equity was 7.81%, an increase of 16.35 percentage points year-on-year [18]. Asset and Liability Changes - Total assets at the end of the reporting period were approximately 1.49 billion yuan, down from 2.52 billion yuan at the end of the previous year [2]. - The company's net assets attributable to shareholders increased to approximately 615.36 million yuan from 529.41 million yuan [2]. - Significant changes in liabilities included a 234.9% increase in short-term borrowings, which now account for a larger proportion of total assets [35]. Cash Flow and Investment Activities - The net cash flow from financing activities was negative 324 million yuan, a decrease of 339 million yuan year-on-year [21]. - The net cash flow from investment activities was approximately 526 million yuan, compared to a negative cash flow of about 713.75 thousand yuan in the previous year [21]. Shareholder Changes - New shareholders included Zhou Rong, Yang Feng, and several investment funds, replacing previous shareholders [48]. - Notably, 10.08% of the company's shares were under pledge as of August 15, 2025, with the second-largest shareholder pledging all of their holdings [49].

Core Insights - The company reported a significant increase in revenue and profitability in the first half of the year, achieving a revenue of $580 million, up 178% year-on-year, and a net profit of $200 million, marking a turnaround from losses [1] - The production and sales data for core products indicate strong performance, with gold production of 2.74 tons and copper production of 34,900 tons in the first half of the year, suggesting a high likelihood of exceeding annual production guidance [1] Revenue and Profitability - The company achieved Q1/Q2 revenues of $273 million and $307 million respectively, with Q2 showing a 12% quarter-on-quarter increase [1] - The net profit for Q1/Q2 was $85 million and $115 million respectively, with Q2 reflecting a 35% quarter-on-quarter growth [1] Production and Sales Data - Gold production for the first half was 2.74 tons, with Q1/Q2 production of 1.39 tons and 1.35 tons respectively; gold sales were 2.94 tons, with Q1/Q2 sales of 1.50 tons and 1.44 tons [1] - Copper production reached 34,900 tons, with Q1/Q2 production of 16,900 tons and 18,000 tons; copper sales were 34,300 tons, with Q1/Q2 sales of 16,700 tons and 17,600 tons [1] Cost Structure - The unit production cost for gold at Changshanhao was $1,619 per ounce, with Q1/Q2 costs of $1,625 and $1,612 per ounce respectively [2] - The unit production cost for copper at Jiama was $3.29 per pound, with Q1/Q2 costs of $3.41 and $3.19 per pound; after deducting by-product credits, the copper unit cost was $0.53 per pound for the first half, with Q1/Q2 costs of $0.73 and $0.33 per pound, indicating significant cost optimization in Q2 [2] Operational Insights - Changshanhao gold mine operates as an open-pit mining operation with a designed capacity of 60,000 tons per day, reduced to 40,000 tons per day as of July 2019; the mine is approaching the end of its life, with underground operations expected to commence around 2029-2030 [3] - Jiama copper-gold polymetallic mine employs both underground and open-pit mining methods, with a combined capacity of 50,000 tons per day; operations were halted due to tailings overflow in March 2023, but are expected to resume in May 2024 with a reduced capacity of 34,000 tons per day [3] - The company is actively advancing the construction of a third tailings storage facility, expected to be completed and operational by mid-2027, which will increase total daily processing capacity to 44,000 tons [3]

Core Viewpoint - The company reported significant growth in revenue and net profit for the first half of 2025, driven by increased gold production and operational efficiency [1][2]. Financial Performance - The company achieved a revenue of 1.24 billion yuan in H1 2025, representing a year-on-year increase of 33.67% [1]. - The net profit attributable to shareholders reached 601 million yuan, marking a substantial year-on-year increase of 136.27% [1]. - The company declared an interim dividend of 0.185 yuan per share, totaling approximately 201 million yuan, with a payout ratio of 33.4% [1]. Product Revenue Breakdown - Gold revenue accounted for 77.7% of total revenue, while copper contributed 8.6% [1]. Mining Operations - The company significantly increased its mining volume to 1.9759 million tons in H1 2025, a more than threefold increase year-on-year [1]. - The increase in mining volume was attributed to enhanced equipment and improved road conditions, which boosted transportation efficiency [1]. - The company expects further growth in mining volume in the second half of the year due to favorable dry season conditions [1]. Processing Capacity and Costs - The company completed a processing volume of 1.272 million tons in H1 2025, with a processing capacity reaching 10,000 tons per day and a stable recovery rate of 80% [1][2]. - The company plans to install a new flotation unit by the end of the year, increasing daily processing capacity to 12,000-13,000 tons [2]. - Sales costs in H1 2025 were reported at 168 g/t, with total costs at 240 g/t, indicating a decline in operational costs [2]. Exploration and Expansion - Continuous exploration efforts led to the drilling of 367 holes, totaling 42,555.7 meters, discovering high-grade layers that may enhance resource availability [2]. - The company has signed a feasibility study contract for a 10 million tons per year expansion project, which is expected to position the mine as a globally influential gold producer [2]. Other Mining Operations - The Xinzhang Yifeng mine experienced a decline in processing volume to 450,500 tons, a 14.1% decrease year-on-year, due to a 67-day production halt for technical upgrades [3]. - Revenue from the Xinzhang mine was 277 million yuan, with a gross margin of 51.8% [3]. - The unit cost of ore for the Xinzhang mine was maintained at 296.1 yuan per ton, with stable profit margins [3]. Investment Outlook - The company is expected to experience significant growth in gold production, driven by capacity ramp-up and favorable gold prices, with projected net profits of 1.263 billion yuan, 1.593 billion yuan, and 1.945 billion yuan for 2025-2027 [3].

Core Insights - The company reported record high revenue and profit for the first half of 2025, driven by rising gold prices and high-grade mining resources, achieving a revenue of 9.246 billion yuan, a year-on-year increase of 42.14%, and a net profit of 1.596 billion yuan, up 48.43% [1][2] Financial Performance - The company achieved an operating income of 9.246 billion yuan, representing a 42.14% year-on-year growth - The net profit attributable to shareholders reached 1.596 billion yuan, marking a 48.43% increase compared to the previous year - The net cash flow from operating activities was 2.619 billion yuan, up 28.21% year-on-year [1] Market Environment - The global gold market showed strong performance in the first half of 2025, with the London spot gold price increasing by 25.84%, the largest half-year increase since 2008 - The domestic market also remained robust, with the average price of Au9999 gold on the Shanghai Gold Exchange rising by 41.07% year-on-year [1] Operational Efficiency - The company benefited from high-grade ore, with gross profit margins for gold and silver reaching 79.15% and 55.20%, respectively, an increase of 7.26 and 6.03 percentage points year-on-year - Innovations in production efficiency and resource utilization were implemented, including intelligent filling technology and optimized mining processes, leading to significant improvements in operational efficiency [2] Resource Expansion - The company adopted a dual strategy of "increasing reserves and mergers," achieving notable results with new gold metal reserves of 3.85 tons and an average grade of 5.79 grams per ton - The acquisition of a 52.07% stake in Yunnan Western Mining Co., Ltd. and exploration rights in the Dagangba area were completed to strengthen resource reserves - The overseas project in Namibia is progressing well, with plans for a processing plant to be fully operational by the first half of 2027 [3] Strategic Initiatives - The company announced the initiation of preparations for an H-share issuance on June 19, 2025, aimed at accelerating international capital operations and enhancing its global strategic layout - This move is expected to optimize the capital structure, diversify financing channels, and improve corporate governance and competitiveness [3]

Core Viewpoint - The company is focusing on enhancing its operational capabilities and expanding its market presence through strategic acquisitions in the gold mining sector while maintaining a strong emphasis on production recovery and technological upgrades at its existing sites [1]. Group 1: Shareholder Information - As of August 8, 2025, the company has approximately 45,000 shareholders [1]. Group 2: Business Strategy - The company is concentrating its resources on the recovery and technological improvement of its Fiji Vatuva mine [1]. - The company plans to actively pursue acquisitions of high-quality gold mining projects to strengthen its control over gold mineral resources and enhance market competitiveness [1]. Group 3: Collaboration and Future Plans - Currently, the company has not received information regarding its potential role as an option for the return to A-share market alongside Zhaojin Mining [1]. - The company has no plans to participate in the equity of Ruihai Mining at this stage [1].